- $PENGU confirmed an ascending triangle breakout with strong volume, signaling a bullish shift above $0.0148 resistance.
- Fibonacci extensions point to $0.026 and $0.044 as next key price targets if momentum continues in the coming sessions.
- A potential retest of the $0.0148 breakout level may offer support confirmation before continuation toward projected upside targets.
Pudgy Penguins ($PENGU) has broken a key horizontal resistance near $0.0148, setting the stage for a potential extended rally.
Breakout Confirms Ascending Triangle Pattern
According to analyst Ali_charts, $PENGU broke decisively above its resistance zone, validating a bullish ascending triangle structure that has been forming since March. The pattern is marked by higher lows pushing against a flat resistance line, a typical setup for upside continuation.
The breakout move has triggered renewed interest, with buyers showing increased conviction, as reflected in the volume surge accompanying the breakout candle. With current price hovering at $0.01599, this upward momentum aligns with Fibonacci targets, particularly the 1.786 extension at $0.044.
Fibonacci Extension Targets In Play
Technical forecasts based on the Fibonacci extension tool indicate that the price of $PENGU is likely to next target $0.026, the 1.414 level. If bullish momentum continues, and if price respects the trendline, then it could move toward $0.044.
As of writing, $PENGU has shown a 2.61% increase in the past 24 hours and a 15.10% rise in the last week. The momentum signals optimism following the structural breakout that may draw more activity in the near term.
Retest of Breakout Zone Remains Likely
A short-term retest of the former resistance at $0.0148 is likely, as markets often revisit breakout zones before continuation. Such a move would serve as a validation of the breakout and offer buyers another entry point.
If support holds at this level, upward momentum could accelerate. The bullish structure remains intact as long as $PENGU stays above its ascending trendline support. Market participants are now watching price behavior closely near this zone to assess strength.
With volume and technical alignment supporting the breakout, market sentiment appears constructive for further gains. The structure favors bulls while maintaining a need for confirmation through support retention and continued price progression.
